Assurant, Inc. Faces Decreased Position from State Board of Administration of Florida Retirement System

The State Board of Administration of Florida Retirement System (FRS) has reduced its position in Assurant, Inc. by 6.5% during the first quarter, according to a filing with the Securities & Exchange Commission. The FRS now owns 51,659 shares of Assurant’s stock, a decrease of 3,620 shares from the previous period. The value of Assurant’s stock held by FRS is approximately $6,203,000. Other investors have also modified their holdings in Assurant.

Parkside Financial Bank & Trust increased its position in Assurant by 353.8% in the first quarter and now owns 177 shares of the company’s stock. Ellevest Inc. also increased its position by 1,526.7% and now owns 244 shares. State of Wyoming and Covestor Ltd have acquired new stakes in Assurant, while CoreCap Advisors LLC also recently acquired a new stake in the company.

Assurant’s stock opened at $140.28 on Tuesday with a market capitalization of $7.44 billion. The company has a debt-to-equity ratio of 0.47 and a beta of 0.55. Assurant reported earnings per share of $3.89 for the quarter, beating analysts’ consensus estimates of $2.60. The company’s revenue for the quarter was $2.75 billion, exceeding analysts’ expectations of $2.64 billion. Analysts predict that Assurant will post an earnings per share of 12.58 for the current fiscal year.

Assurant recently declared a quarterly dividend, paying investors of record a $0.70 dividend. This represents an annualized dividend of $2.80 and a yield of 2.00%. The company’s dividend payout ratio is currently 43.55%. Corporate insiders have also been selling shares of Assurant. EVP Robert Lonergan sold 3,000 shares, while CAO Francesca Luthi sold 3,700 shares.

Multiple equities analysts have provided comments on AIZ stock. Truist Financial raised their target price on the stock to $180.00 and gave it a “buy” rating. initiated coverage and set a “buy” rating on the stock. Piper Sandler upgraded Assurant from a “neutral” rating to an “overweight” rating and set a $144.00 price target.

Assurant, Inc., together with its subsidiaries, provides business services that support, protect, and connect consumer purchases in various regions. The company operates through two segments: Global Lifestyle and Global Housing.

Sources: Securities & Exchange Commission, MarketBeat